California Democrat Funneled TARP Funds To Husband’s Bank

Americans for Prosperity is reporting on a New York Times article stating that California Democratic Representative Maxine Waters helped to funnel funds from TARP to OneUnited, a California bank where her husband served on the board and owns $250k in bank stock.

Americans for Prosperity Outraged by Rep. Waters’ Misuse of Taxpayer Dollars to Further Personal Agenda

Friday, March 13th 2009

For Immediate Release: Thursday, March 12, 2009

Contact: Mary Ellen Burke, (202) 349-5880

Americans for Prosperity Outraged by Rep. Waters’ Misuse of Taxpayer Dollars to Further Personal Agenda

WASHINGTON- Today, NYTimes.com reported that Representative Maxine Waters, a California Democrat, used her political influence to pressure U. S. Treasury officials to grant $50 million in bank bailout funds to OneUnited—a bank for which her husband served on the Board of Directors and owned at least $250,000 worth of stock in the institution.

As a result, OneUnited received a cash infusion of $12 million last December through the Treasury’s bank bailout effort, the Troubled Asset Relief Program.

In regards to Rep. Waters’ personal connection to the funding, Tim Phillips, president of Americans for Prosperity released the following statement:

“Rep. Maxine Waters allegedly steering funds to her husband’s bank is an example of the kind of abuse you get with massive government bailouts of industries. When trillions of dollars are being spent with little accountability, it’s far too easy for millions to be abused for political purposes. We need a return to real fiscal discipline and an end to the wasteful and abusive spending of our children’s future.”

Americans for Prosperity (AFP) is a nationwide organization of citizen leaders committed to advancing every individual’s right to economic freedom and opportunity. AFP believes reducing the size and scope of government is the best safeguard to ensuring individual productivity and prosperity for all Americans. AFP educates and engages citizens in support of restraining state and federal government growth, and returning government to its constitutional limits. For more information, visit www.americansforprosperity.org